Manulife’s Profit Driven by Canadian Business

The HK-listed insurer, Manulife has made the announcement on its result for first half of the year.

Its net profit for the first half of the year increased by 18.3 percent year-on-year to C$4.1 billion, primarily driven by strong business in Canada which cushioned the continued toll that Covid-19 restrictions were taking on its Asian operations.

Manulife’s core earnings fell by 2.5 percent in Asia last quarter, hindered by lower sales in Hong Kong and an insurance market dominated by Japanese corporations.

Meanwhile, on the new business value, the figure came lower by 15.54 percent year-on-year to C$337 million. This reflects decreasing life-insurance sales in Hong Kong, Japan and other Asian areas.

“The remaining restrictions in Manulife’s Asian markets to be temporary and predicted the company will return to a more positive sales momentum in the coming quarters,” Chief Executive Roy Gori was quoted as saying.

The insurer recorded C$3.11 billion in core earnings for the first half, down 5.95 percent year-on-year. Whilst its new business value reached about C$1.02 billion, a slump of 10.88 percent year-on-year.

The decrease of core earnings can primarily be attributed to the impact of markets and smaller gains from investment.

The charges from the direct impact of markets was mainly due to the impact of an unfavorable equity market performance and interest rate hedge ineffectiveness.

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